On September 8, 1885, a new 1 yen note, which is known as the "Daikoku bill" (Japanese: 大黒札), was issued, which promised to pay the bearer on demand an amount of silver equal to 1 yen. This note was predominantly colored purple on its obverse, but red on its reverse. It had a height of 78 millimeters and a width of 135 millimeters. Both sides of the banknote were designed by Italianengraver and designer, Edoardo Chiossone. The obverse, which gives the note its common name, features Daikoku-ten, while its reverse features the value. This is the oldest legal tender banknote of Japan, having been used for almost 130 years. Though it formerly was used in exchange for silver, it is now used as fiat money.[2][3]

On May 1, 1889, a new 1 yen banknote was issued by the Bank of Japan, which circulated alongside the first and second issues. Just like the last issue, the note promised exchange of an amount of silver equal to 1 yen on demand by the bearer. To make the note stronger, the paper used on the previous note was combined with konjac and for security, a black watermark was added. It was mainly orange in color. The dimensions of the note were larger than the previous one, being 85 millimeters in height by 145 millimeters in width. The obverse featured Takenouchi no Sukune while the reverse featured the value along with the promise of silver convertibility. Today these notes are circulated, but are not exchanged for silver, being regarded as fiat money.[2][3]

During December 15, 1943, during Japan's involvement in World War II, a new 1 yen banknote was issued. The main color used on the note was black on its obverse and orange on its reverse. It had dimensions of 70 millimeters in height by 122 millimeters in width. The note's obverse was very similar to the 1889 issue, displaying Takenouchi no Sukune, but in a different location. Its reverse displayed, for the first time, an illustration, which was of the Ube Shrine. Also for the first time, the 1 yen note of 1943 was not exchanged for silver, and still remains in circulation as fiat money.[2][3]

On March 19, 1946, after World War II, Japan issued its first banknotes of Series A, which included the new 1 yen note (pictured above). These notes were black in color on the obverse and light blue on the reverse. They had dimensions of 68 millimeters in height by 124 millimeters in width. Its obverse featured Ninomiya Sontoku while its reverse displayed the value. They were designed and printed by Dai Nippon Printing and Toppan Printing. These notes were suspended on October 1, 1958, but are still used as legal tender in Japan.[2][3][5]